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| Mansfield Building Society |
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History:
The Mansfield Building Society has been playing an important part in the local community and in the life of its members for almost 140 years. To give you a feel for how today's Society has been shaped, we take a quick flick through the archives...
Humble Beginnings
In 1869 it was the enterprise and foresight of a group of thrifty Mansfield citizens that resulted in the establishment of The Mansfield Building Society. Striking progress has been made since those far off days, with assets reaching the £100,000 mark in 1928, £1 million in 1947, £100 million in 1992 and £200 million in 2005.
The Society is fortunate to have many of its original records. Among them the very first Minute Book which includes details of the Founder Shareholders, and of the first mortgages issued.
It is recorded that at a meeting held on 2nd November 1869 at the The Eclipse Inn Mansfield, it was resolved, 'That it is desirable to form a “Permanent Building Society” in Mansfield'. A name was then agreed - 'The Mansfield and District Benefit Building Society' and on the 16th November 1869, 40 people agreed to become shareholders in The Society.
In July 1870 the first mortgage grant of £120 was approved to build 'a dwelling house with washhouse, coalhouse, privy, ashes place and soft water cistern at the rear.' The property was situated at the upper end of Victoria Street, Mansfield.
Early Days
The first year’s receipts totalled £899, and £803 was advanced on mortgages. By the time the second year's accounts were issued it was reported a net increase of 50 in membership, receipts of £1,925 19s 5d and mortgages granted £1,752. It was also reported that 34 houses had already been purchased or built with the assistance of the Society.
Following the passing of the Building Societies Act 1874 the Society became Incorporated in 1875, thus dispensing with the need for Trustees and consequently the Society’s title was simplified to The Mansfield Building Society.
Investors
In 1888 the Secretary reported that nearly all the Sutton-in-Ashfield and district members (three miles down the road from Mansfield) were borrowers, and expressed the opinion that local collection facilities should be provided to encourage more investors.
The Secretary reported that a room could be obtained at the Gas Works Office for £3 a year. This proved to be a success as in the first month £87 1s 0d was collected and 3 new investing members joined the Society.
Increased Activity
In 1905 a move was made from The Mechanics Institute, Mansfield to a new town centre office in Market Chambers, Market Place, and the office began to open daily.
With technology forging ahead and Mansfield Building Society regarding itself as a progressive organisation the decision was made, in 1926, to purchase a typewriter! By 1928 another ambitious leap into the future was made when it was agreed that the Society should have a telephone installed.
In 1931, when assets totalled £130,624, a move was made to ground floor offices in Toothill Lane, Mansfield. In less than 2 years of the move, the total assets had increased by £50,000 and by 1937 had reached the half million mark.
It was decided that such wonderful progress justified a permanent home for the Society, and plans were set in motion to move to a building in Albert Street, Mansfield. However, the outbreak of war in 1939 held up the project and the plans went on hold.
New Offices
By the time The Society was finally in a position to pursue its plans, the Albert Street site was no longer considered appropriate and was sold. In its place a corner site was bought at the junction of Regent Street and Clumber Street, and in 1956, local architect, Mr Richardson White, was invited to design a purpose built head office. Within 2 years Regent House became operational.
Originally the Society only used the ground floor and basement but later the whole building was used.
Since moving to Regent House further changes have taken place. To help cope with the challenges of decimalisation the Society made the momentous move to a computerised system for its mortgage and investment records. In 1992 with IT now firmly on the agenda, the Society invested over £500,000 in a new in-house computer system.
More recent developments have included upgrading the branch offices in Sutton-in-Ashfield and Kirkby-in Ashfield. In 1989 a branch was opened in Chesterfield and in 1990 a further branch was opened in Queen Street, Mansfield for the benefit of town centre shoppers. |
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